Vidya Turant is a premium education loan product of the Bank where collateral free education loans are granted to students of premier institutions in India with collateral free and concessional Rate of Interest.

Any Indian student who has cleared the previous qualifying exam and selected through Entrance Test/merit; has secured admission in eligible education institutions under Vidya Turant Scheme conducted by Competent Authorities are eligible to apply under the Vidya Turant Scheme.

The Interest rate starts from 6.85%* under the scheme. (* T&C apply)

The maximum loan quantum under the scheme depends on the Institution category:

No, Loans under this scheme are collateral free and Guarantor free, irrespective of the loan amount.

No margin is required to be brought in by the Applicant. Scholarship/ assistantship if any to be included in margin.

No processing charges are applicable under the scheme. However, the applications are applied through PM-Vidyalaxmi portal, only portal fees of Rs.200+GST is applicable.

The education loan under the scheme may cover the following expenses:

• Tuition fees
• Hostel charges
• Examination / Library / Laboratory fees
• Cost of books and equipment
• Laptop / computer (if required for course)
• Insurance premium (if applicable)
• Other reasonable academic expenses

Repayment period is permitted up to 15 years excluding moratorium period ( Course period + 1Year).

Eligible students may receive interest subsidy during moratorium period for loan quantum up to Rs.10.00 lakh.

The following documents (illustrative) are required for applying the education loan under the scheme:

• Admission letter
• Fee structure
• Aadhaar card
• PAN (if available)
• Income certificate
• Bank account details
• Academic records
• Entrance exam results
• Co-borrower documents

No. There is no prepayment penalty at any stage of the loan.

No. Vidya Turant scheme does not cover Education loan for studying abroad.

The Loan is disbursed directly to the Institutions in stages after submission of the demand letter and other requisite documents, wherever applicable.

Yes, co-borrower is required for the education loan under the scheme. Generally, parent/guardian is required as co-borrower. However, Joint borrowership can be waived and loan can be disbursed based on execution of loan documents by student alone, if availing the loan at designated branch, subject to additional RoI.